Litecoin is the globe’s fourth most renowned digital cryptocurrency in terms of market cap, trailing behind Bitcoin, Ethereum and Ripple. The objective of this Litecoin review is to demystify what this cryptocurrency is all about in terms of what it is, its history, features and comparisons with Bitcoin-the world’s most popular cryptocurrency making headlines left, right center. Increasingly, people are now trading and investing in cryptocurrencies and many millennials believe digital currencies will replace the normal cash currencies in the long run.
What is Litecoin And Who’s Behind It?
Litecoin (LTC) is a digital currency which is decentralized- this simply means there exists no central entity behind it. It is a peer-to-peer virtual currency that allows instant and almost-zero cost transactions to anyone around the world. For one to effect changes on its blockchain, the majority of the nodes that keep track of transactions must agree to the adjustment. You’ve probably heard of mining which in essence means maintaining and updating the blockchain using a whole lot of GPU and RAM. Let’s continue with this Litecoin Review by discussing who invented it.
Litecoin was founded by Charlie Lee, a former Coinbase employee who quit his job at the exchange so as to focus on the cryptocurrency full time. Lee envisaged coming up with a currency that would complement Bitcoin and run as “digital silver” behind the elite status of Bitcoin whose value is similar to that of gold. Most of the time, you’ll find Lee talking about this project and sharing his ideas as well as thoughts on several topics affecting the cryptocurrency industry.
Litecoin vs. Bitcoin
This Litecoin review wouldn’t be complete without comparing Litecoin and the world’s most famous cryptocurrency in Bitcoin. As such, Litecoin’s aim is to become more efficient and faster than Bitcoin and has its eyes set on being taken up by vendors and merchants. Another point of note with this currency is that it has adopted the Segregated Witness (SegWit) as well as the Lightening Network which assures users that the network can handle a large volume of transactions not only at a low cost but also at a high speed.
Despite making the list of the top 5 cryptocurrencies, Litecoin doesn’t come close to Bitcoin as far as popularity and value are concerned. Currently, Bitcoin trades around $17,000 and has a market cap of $254.2 billion. Litecoin, on the other hand, trades around $300 and has a market cap of $5 billion. Bitcoin is seen by many as a superior store of value and Litecoin has a long way to go to match its compatriot’s exploits.
Good Idea To Invest In Litecoin?
If you keep yourself abreast with the news and fuss surrounding cryptocurrencies, you couldn’t be forgiven for failing to notice the meteoric rise of Bitcoin within the previous year. A while back the same happened to Litecoin and many experts forecast that it may happen again soon. What’s awesome about Litecoin is that it isn’t as expensive to purchase as Bitcoin. Bitcoin requires a huge investment which many cannot afford making Litecoin the ideal choice for anyone who wants to invest his or her cash into the Crypto industry.